Novozymes

Denmark

Novozymes is the world leader in biotech-based industrial enzymes and microorganisms.

These enzyme products can reduce the use of energy, raw materials, and harsh chemicals as well as reducing waste generation. For example, enzymes can reduce the environmental impact of detergent products as they enable a lower wash temperature and reduce the use of undesirable chemicals. Another enzyme product reduces the need for chlorine in the paper and pulp industry. Novozymes has also developed an enzyme for bioethanol production, which reduces energy consumption in the production process and simultaneously gives a higher yield. The company is investing heavily in the development of second-generation biofuels made with biomass sourced from agricultural waste products. Novozymes' enzymes are non-toxic, biodegradable, and environmentally benign.

Novozymes recognizes the impact of nutrient-rich liquid generated during enzyme production and develops markets for this waste flow. Examples of these efforts are the company's non-chemical fertilizer "NovoGro" and a feed supplement for pigs. Portfolio 21 encourages Novozymes to improve the transparency of its reporting on the environmental impacts associated with its raw materials.

To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 12/31/13 and may not reflect current opinions or subsequent events.

Thesummary prospectus and statutory prospectus contain more complete information including risks, fees and expenses related to an ongoing investment in the Fund. Read carefully before you invest or send money. You may also obtain a hard copy of the statutory prospectus and/or summary prospectus by calling 877-351-4115.

Mutual fund investing involves risk. Principal loss is possible. Portfolio 21 may invest in foreign securities, which are subject to the risks of currency fluctuations, political and economic instability and differences in accounting methods. Investing in foreign securities is riskier than investing in domestic securities. The fund invests in smaller companies, which involve additional risks such as limited liquidity and greater volatility. Portfolio 21's environmental policy could cause it to make or avoid investments that could result in the portfolio underperforming similar funds that do not have an environmental policy. There are no assurances that the fund will achieve its objective and/or strategy.

Diversification does not assure a profit or protect against a loss in a declining market.

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Securities mentioned are not recommendations to buy or sell any security. Current and future portfolio holdings are subject to risk. View complete fund holdings. Opinions expressed as those of the fund, are subject to change, are not guaranteed and should not be considered investment advice.